Tesla Motors shares jumped over 4% in overnight trading. Members of President-elect Donald Trump’s transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities, according to people familiar with the matter.
If new rules enable cars without human controls, that would directly benefit Elon Musk, the Tesla Inc. chief executive officer and Trump mega-donor who has become a powerful fixture in the president-elect’s inner circle. He has bet the future of the EV maker on self-driving technology and artificial intelligence.
Current federal rules pose significant roadblocks for companies looking to deploy vehicles without steering wheels or foot pedals in large quantities, which Tesla plans to do. The Trump team is looking for policy leaders for the department to develop a framework to regulate self-driving vehicles, according to people familiar with the matter, who asked not to be named because they weren’t authorized to speak publicly.
While the Transportation Department, through the National Highway Traffic Safety Administration, can issue rules that would make it easier to run autonomous vehicles, an act of Congress would clear the way for mass adoption of self-driving cars. A bipartisan legislative measure being discussed in early stages would create federal rules around AVs, two of the people said.
One candidate under consideration for Transportation secretary is Emil Michael, a former Uber Technologies Inc. executive who has spoken with Trump’s team and potential staffers, they said. The work is in its early stages and policy details have yet to be determined, they said.
Republican Representatives Sam Graves of Missouri and Garret Graves of Louisiana have also been considered to lead the department, the people said.
The transition team didn’t respond to requests for comment.
Shares of Destiny Tech100 Inc, a fund that offers retail investors access to high-profile private startups, gain 14% in overnight trading.
The spaceX company is DXYZ's largest holding, making up about 37.6% of the portfolio.
The Financial Times, citing people with knowledge of the talks, earlier reported that SpaceX is preparing to launch a tender offer in December that will sell existing shares in the business at about $135 each, valuing the company at more than $250 billion. The Financial Times said SpaceX declined to comment.
That would be a premium to the company’s previous valuation of about $210 billion. It would also cement SpaceX’s status as the most valuable private US company.
SUPER MICRO COMPUTER INC shares soared over 17% in overnight trading Monday following reports that the company is expected to file a plan for its delayed annual report that could help it avoid delisting.
A report from Barron's, citing a person familiar with the matter, said the company intends to submit the plan by Monday.